Ukrainian President Volodymyr Zelensky has issued a stark warning to European Union leaders, urging them at a high-stakes Brussels summit to approve a multi-billion-euro loan from frozen Russian assets to support Ukraine’s military and economic needs.
Zelensky stressed that Ukraine is only months away from exhausting its financial reserves, cautioning that without an infusion of funds by spring, the country “will have to reduce production of drones,” a critical component of its defense strategy.
The EU currently holds most of Russia’s €210 billion (£185 billion; $245 billion) in frozen assets, primarily via the Belgium-based financial institution Euroclear. Until now, Belgium and several other member states have resisted the idea of deploying the funds as a “reparations loan.”
Russia has formally warned EU nations against using its assets, but Polish Prime Minister Donald Tusk urged leaders to “rise to this occasion,” emphasizing the urgency of supporting Kyiv.
The Brussels summit comes at a pivotal moment in the ongoing war, as Moscow has filed a lawsuit in a Russian court against Euroclear in an attempt to reclaim its assets.
European Commission President Ursula von der Leyen vowed that “we will not leave the summit without a solution,” while one EU official described negotiations as “cautiously optimistic, not overly optimistic.”
Belgian Prime Minister Bart De Wever highlighted Belgium’s delicate position, telling parliament that “if everything was nailed down and shared by the rest of the EU, then we’ll jump into the abyss together with the rest of the Europeans and hope the parachute holds us.”
Meanwhile, in the United States, former President Donald Trump suggested a deal to end the war may be “closer than ever.” US and Russian officials are scheduled to meet in Miami this weekend to discuss a potential peace plan, with Kremlin envoy Kirill Dmitriev expected to meet Trump envoys Steve Witkoff and Jared Kushner.
Ukrainian officials are also heading to the US, while Zelensky, currently in Brussels, reiterated that the funding is urgently needed—either to sustain Ukraine’s defense if the conflict continues or to support national recovery efforts.
Russia has yet to respond to the latest peace proposals, with the Kremlin reiterating that plans for a European-led multinational force in Ukraine backed by the US would be unacceptable. President Vladimir Putin added on Wednesday that Europe is in a state of “total degradation” and disparaged Ukraine’s allies as “European piglets” hoping to profit from Russia’s difficulties.
The European Commission has proposed loaning Kyiv approximately €90 billion (£79 billion) over the next two years from the frozen €210 billion, covering roughly two-thirds of the €137 billion Ukraine is estimated to need to sustain itself through 2026 and 2027.
The summit represents a defining moment for EU-Ukraine cooperation, balancing political, financial, and strategic considerations amid the ongoing conflict.
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